Unlock Thousands in NY Tax Credits: What Most Hudson Valley Business Owners Miss

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Happy Tuesday, August 5, 2025! Welcome to today’s HV Vibes - Where Your HV Business Intel Starts!

👉 Don't Leave Money on the Table: Three Tax Credits Hudson Valley Businesses Are Missing

Every year, Hudson Valley businesses skip thousands in available tax credits, not because they don't qualify, but because they simply don't know these programs exist. Whether you're a farmer investing in new equipment, a manufacturer expanding operations, or a business owner hiring from certain groups, there's likely money waiting for you.

The New York Investment Tax Credit That Farmers Are Finally Getting

New York's Investment Tax Credit now offers farmers a 20% refundable credit on qualifying equipment and property placed in service after April 1, 2022. This provision is in place through 2027 and will greatly benefit eligible farmers who derive more than two-thirds of their gross income from farming.

For everyone else in manufacturing and production, the standard rate is 5% on the first $350 million, and 4% for anything above that amount. The key requirement: the property must have a useful life of four years or more and be used primarily for production.

Federal Work Opportunity Tax Credit (WOTC) - Up to $2,400 Per Employee

The WOTC offers a credit equal to 40% of up to $6,000 of wages paid to certified members of targeted groups, making the maximum credit generally $2,400. The program is authorized until December 31, 2025 and covers employees from groups like veterans, long-term unemployed, and those receiving certain government assistance.

Critical timing note: You must complete Form 8850 before making a job offer and submit it within 28 calendar days of the employee's start date.

Excelsior Jobs Program - Multi-Year Benefits for Strategic Industries

The Excelsior Jobs Program offers five fully refundable tax credits over up to 10 years for businesses in strategic industries including manufacturing, agriculture, and software development. Credits include up to 6.85% of wages per net new job and 2% of qualified investments.

Hudson Valley companies in qualifying industries should note: firms must meet established job and investment thresholds and the program requires pre-approval from Empire State Development.

This week's action step: Review your recent capital investments and new hires against these three programs. Many require applications before expenses are incurred or within specific timeframes after hiring.

Want to share a tax credit win or ask about these programs? Hit reply! We love featuring Hudson Valley business success stories.

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Building strategic advantage,
Ed Weeks, Jr., MBA — Your Hudson Valley Business Intel Source

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